Following recent statements by many other analytical agencies revealing gradual decline in prices for rental property in the elite areas of Dubai, such as Dubai Marina, came a message from Dubizzle, stating that housing prices in sales segment there are also significantly down, by 18% in three months.
However, Dubai Marina remains the most popular area both among buyers and tenants. Dubizzle report recorded that between April and May this year more than five million search queries with respect to one-bedroom apartments in this Dubai area were made on this popular UAE real estate website.
Sales property prices in Dubai Marina paradoxically decreased the most for the most demanded type of housing — studio apartments, which now cost minimum US $ 245,000. The cost of larger three-bedroom apartments fell less sharply — by 14% in three months and reached a minimum of US $ 980,000.
Only one elite Dubai district managed to keep house sales prices increase in the second quarter. It was the man-made island Palm Jumeirah, where the cost of studios and two bedroom apartments increased on average by 6% in three months and ranges now from US $ 394,757 for the cheapest studio to US $ 912,000 for the most expensive two-bedroom apartment.
It is also worth reminding that, according to Asteco, the rental price in Dubai prime locations decreased by 6-7% in the second quarter.